BEYOND MEAT, INC.
For the period ended Sep 27, 2025. Filed Nov 12, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 27, 2025 · Filed Nov 12, 2025
BYND$6.03-0.5%Stored close · as of Nov 6, 2026
What changed in Risk Factors?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-28; filed 2025-08-08.
0001655210-25-000159
Item 1A. Risk FactorsCurrent report: 10-Q
Period ended 2025-09-27; filed 2025-11-12.
0001655210-25-000210
Item 1A. Risk FactorsNoteThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 5 previous paragraphs and 13 current paragraphs.
1 unchanged; 4 reworded; 8 added; 0 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 1 previous and 2 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (8)
Current report
In the three and nine months ended September 27, 2025, the Company recorded an impairment charge related to property, plant and equipment in the amount of $58.8 million. See Note 6.
Current report
During the three months ended September 27, 2025, the Company experienced lower than expected performance and a sustained decline in its stock price, which hit a 52-week low during the third quarter of 2025, resulting in a decrease in market capitalization. In addition, during the third quarter, the Company determined that the ongoing softness in the plant-based meat category is likely to persist longer than previously anticipated. As a result, Management considered these events to be triggering events requiring the long-lived assets of the Company’s entity-wide asset group (which included property, plant and equipment, right-of-use lease assets and prepaid lease costs, non-current and excluded those sublease assets described below) to be tested for impairment as of September 27, 2025. The Company determined that all of its long-lived assets represent a single entity-wide asset group for the purpose of long-lived asset impairment assessment, excluding those sublease assets described below.
Current report
Effective July 22, 2025, the Company entered into a Sublease Agreement (the “Varda Sublease”) with Varda Space Industries. Management determined that the subleased portion of the lease assets represent a separate asset group, as these assets generate identifiable cash flows that are largely independent from the remainder of the entity-wide assets. The long-lived assets for the sublease asset group include the right-of-use lease assets and prepaid lease costs, non-current related to the sublease space. Since the total sublease payments due to the Company are less than the total rent payments under the master lease, management determined that an impairment indicator exists.
Current report
Management then performed a recoverability test for the respective asset group and determined that the carrying amount of both of the asset groups was not recoverable as of September 27, 2025. As a result, with the assistance of a third-party valuation specialist, management estimated the fair values of the asset groups respectively, which were less than the carrying values of the corresponding asset groups. The fair values of the asset groups were determined using the market approach for the entity-wide asset group and income approach for the sublease asset group. The significant assumptions used in determining the fair value for the entity-wide asset group under the market approach related to relevant market-based transactions and selected control premium. The significant assumptions used in determining the fair value of the sublease asset group under the income approach primarily related to forecasted cash flows and the selected discount rate used in the discounted cash flow model. The fair value of Property, plant and equipment was determined using the replacement cost method, which is based on the cost to acquire a comparable asset in current market conditions, adjusted for accumulated economic depreciation and an in-utility adjustment to account for the loss of service potential not reflected by physical depreciation. The fair value of the right-of-use lease assets and prepaid lease costs, non-current were determined using an income approach based on market-based rental rates for the relevant markets and property types and the selected discount rate. Significant assumptions used include estimated sublease payments, a period of vacancy before the sublease commences and expenses incurred to sublease the space.
Current report
As a result of this assessment, the Company recognized an impairment loss of $77.4 million. The loss was allocated to the long-lived assets within the respective asset groups on a pro rata basis using the relative carrying amounts of those assets, including Property, plant and equipment, net, Operating lease right-of-use assets, and Prepaid lease costs, non-current.
Current report
The following table details the loss from impairment by each major long-lived asset group for the periods indicated (unaudited):
Current report
The impairment loss is included in Loss from impairment of long-lived assets in the Company’s unaudited condensed consolidated statements of operations for the three months ended September 27, 2025.
Reworded paragraphs (4)
Previous wording
The Company records property, plant, and equipment at cost and includes finance lease assets in Property, plant and equipment, net in its condensed consolidated balance sheets. A summary of property, plant, and equipment as of June 28, 2025 and December 31, 2024, is as follows:
Current wording
The Company records property, plant, and equipment at cost and includes finance lease assets in Property, plant and equipment, net in its unaudited condensed consolidated balance sheets. A summary of property, plant, and equipment as of September 27, 2025 and December 31, 2024, is as follows:
Previous wording
Depreciation and amortization expense in the three months ended June 28, 2025 and June 29, 2024 was $8.3 million and $5.2 million, respectively. Depreciation and amortization expense in the three months ended June 28, 2025 included $1.7 million in accelerated depreciation related to the reassessment of useful lives of certain assets resulting from the suspension and substantial cessation of the Company’s operational activities in China. Of the total depreciation and amortization expense in the three months ended June 28, 2025 and June 29, 2024, $6.1 million (including $1.7 million in accelerated depreciation related to the reassessment of useful lives of certain assets resulting from the suspension and substantial cessation of the Company’s operational activities in China) and $4.5 million, respectively, were recorded in cost of goods sold, $2.1 million and $0.5 million, respectively, were recorded in research and development expenses, and $0.1 million and $0.2 million, respectively, were recorded in SG&A expenses, in the Company’s condensed consolidated statements of operations.
Current wording
Depreciation and amortization expense in the three months ended September 27, 2025 and September 28, 2024 was $9.4 million and $5.3 million, respectively. Depreciation and amortization expense in the three months ended September 27, 2025 included $1.7 million in accelerated depreciation related to the reassessment of useful lives of certain assets resulting from the suspension and substantial cessation of the Company’s operational activities in China. Of the total depreciation and amortization expense in the three months ended September 27, 2025 and September 28, 2024, $6.1 million (including $1.7 million in accelerated depreciation related to the reassessment of useful lives of certain assets resulting from the suspension and substantial cessation of the Company’s operational activities in China) and $4.7 million, respectively, were recorded in cost of goods sold, $2.6 million and $0.5 million, respectively, were recorded in research and development expenses, and $0.7 million and $0.1 million, respectively, were recorded in SG&A expenses, in the Company’s unaudited condensed consolidated statements of operations.
Previous wording
Depreciation and amortization expense in the six months ended June 28, 2025 and June 29, 2024 was $15.7 million and $12.2 million, respectively. Depreciation and amortization expense in the six months ended June 28, 2025 included $3.2 million in accelerated depreciation related to the reassessment of useful lives of certain assets resulting from the suspension and substantial cessation of the Company’s operational activities in China. Of the total depreciation and amortization expense in the six months ended June 28, 2025 and June 29, 2024, $12.0 million (including $2.3 million in accelerated depreciation related to the reassessment of useful lives of certain assets resulting from the suspension and substantial cessation of the Company’s operational activities in China) and $10.6 million, respectively, were recorded in cost of goods sold, $3.4 million (including $0.9 million in accelerated depreciation related to the reassessment of useful lives of certain assets resulting from the suspension and substantial cessation of the Company’s operational activities in China), and $1.1 million, respectively, were recorded in research and development expenses, and $0.3 million and $0.5 million, respectively, were recorded in SG&A expenses, in the Company’s condensed consolidated statements of operations.
Current wording
Depreciation and amortization expense in the nine months ended September 27, 2025 and September 28, 2024 was $25.0 million and $17.5 million, respectively. Depreciation and amortization expense in the nine months ended September 27, 2025 included $4.9 million in accelerated depreciation related to the reassessment of useful lives of certain assets resulting from the suspension and substantial cessation of the Company’s operational activities in China. Of the total depreciation and amortization expense in the nine months ended September 27, 2025 and September 28, 2024, $18.1 million (including $4.0 million in accelerated depreciation related to the reassessment of useful lives of certain assets resulting from the suspension and substantial cessation of the Company’s operational activities in China) and $15.3 million, respectively, were recorded in cost of goods sold, $6.0 million (including $0.9 million in accelerated depreciation related to the reassessment of useful lives of certain assets resulting from the suspension and substantial cessation of the Company’s operational activities in China), and $1.5 million, respectively, were recorded in research and development expenses, and $0.9 million and $0.7 million, respectively, were recorded in SG&A expenses, in the Company’s unaudited condensed consolidated statements of operations.
Previous wording
The Company had $1.7 million and $1.9 million in property, plant and equipment concluded to meet the criteria for assets held for sale as of June 28, 2025 and December 31, 2024, respectively. The Company recorded $0.1 million and $0.2 million in loss on sale of fixed assets in the three months ended June 28, 2025 and June 29, 2024, respectively, and $0.2 million and $0.4 million in loss on sale of fixed assets in the six months ended June 28, 2025 and June 29, 2024, respectively.
Current wording
The Company had $0.9 million and $1.9 million in property, plant and equipment concluded to meet the criteria for assets held for sale as of September 27, 2025 and December 31, 2024, respectively. The Company recorded $0.1 million in gain on sale of fixed assets and $(0.1) million in loss on sale of fixed assets in the three months ended September 27, 2025 and September 28, 2024, respectively, and $(0.1) million and $(0.5) million in loss on sale of fixed assets in the nine months ended September 27, 2025 and September 28, 2024, respectively.